Are you thinking about buying a home in Kent, Washington in 2024? If so, you might want to consider making your move sooner rather than later. The question is, where is the real estate market in Kent, WA expected to be over the coming months?
Recent predictions and forecasts for the Kent, Washington housing market suggest that home values will increase through the end of 2024. This means that those buyers who take a “wait-and-see” approach could end up paying more for a home.
Real Estate Forecast for Kent, Washington
Over the previous 12 months, home values in Kent, Washington rose by a healthy 1.3%, so the market is certainly a healthy one in Kent. Redfin also classifies Kent’s real estate market as “very competitive.”
Listings go pending in as little as 16 days. Homes are selling for an average of 2% above listing price, with the majority of homes going into multiple offer situations, many times with their contingencies waived.
According to the latest estimates, the median home value in Kent is now around $601,951 as of January 2024. But it might not stay at that level for long. If these forecasts and predictions are accurate, house prices in the area will continue to rise over the coming months.
So home buyers who postpone their purchases until later in 2024, or shelve them until the following year, could very well encounter higher housing costs.
Related: How to Purchase A Luxury Home in Seattle Without Up-Sizing Your Costs
Above-Average Home Price Gains
Real estate markets across the Seattle metro area, including Kent, have been outpacing the nation over the recent past. Home prices in the area have risen well above national averages, and this is largely the result of a skewed supply and demand situation.
In short, there just aren’t enough homes listed for sale to satisfy the current level of demand. While the inventory crunch is most pronounced in Seattle proper, it is also affecting the surrounding real estate markets like Kent, Washington.
While there has been an uptick in residential real estate construction, it’s still not enough to keep up with demand. There continues to be a skewed supply and demand situation that is a big driver in rising prices. Throughout 2024, the forecast for the Kent housing market calls for steadily rising prices due to strong demand and limited supply.
Population Growth Driving Demand for Housing
Population growth is a factor here as well. According to data collected by the United States Census Bureau, the population of Kent, Washington grew from 61,800 people in 1990, to 131,118 in 2019. So it more than doubled during that 24-year period.
The Seattle metro area remains a popular attraction for those who are relocating from elsewhere in the state and across the country. These immigration patterns bring more home buyers into the local real estate market, increasing demand at a time when supply is limited. Home prices tend to rise under such conditions.
This is largely what’s driving the positive forecast for the Kent real estate market in 2024. Annual home-price appreciation in Kent is expected to be very strong over the next 12 months.
Mortgage Rates Expected to Dip
The forecast for rising house values may be a driving factor for home buyers, but the fact that mortgage rates are dipping despite a recent spike rising is another reason why now may be a great time to get into the real estate market in Kent.
In its latest finance forecast, the Mortgage Bankers Association estimated that the average rate for a 30-year fixed home loan would be about 6.0% by the end of 2024. Right now, the rate stands at 6.62%, so the time to buy is definitely now before interest makes buying completely more unaffordable.
Granted, these are just for housing forecasts and projections. They are the equivalent of an educated guess. So you probably shouldn’t “bank” on them.
But it’s helpful to know what the experts are thinking. And with the general consensus being that home prices are rising and mortgage rates are expected to dip, a case could be made for buying a home sooner rather than later.
Disclaimer: This article includes predictions and forecasts for the Kent, Washington housing market through 2024. These outlooks were provided by third parties not associated with our company. We have presented them here as an educational service to our readers.
Curious About Home Loans in Kent, Washington?
Is 2024 the year you buy a home in Kent, WA? If so, you’ll need to finance it with a home loan, and Sammamish Mortgage is here to help. We are a local, family-owned company based in Bellevue, Washington. We currently provide a variety of mortgage programs in all of Washington, Oregon, Idaho and Colorado and have been doing so since 1992. Please contact us if you have mortgage-related questions.